Aiken banking company reports higher earnings

Monday, July 29, 2013 6:53 PM
Last updated 8:11 PM
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Security Federal Corp., holding company for Security Federal Bank, reported Monday that it had higher quarterly net income.

For the quarter that ended in June, the Aiken banking company reported $769,000 in profits, up from $621,000 in the quarter in 2012.

The increases in earnings is a result of an increase in non-interest income, bank officials reported.

The company had total assets of $867.4 million, down from $890.4 million at the beginning of the year. Deposits also decreased, from $676.3 million at the year’s open to $671.1 million at the end of the quarter.

Security Federal Bank has 13 branch locations in South Carolina and one in Georgia.

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soapy_725 07/30/13 - 08:04 am
Charging 18% interest. Paying 0.5% interest. Banking Science 101

Charging 18% interest. Paying 0.5% interest. Banking Science 101

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